APS Holdings will form a new company called APS Materials that will focus on fine metal masks (FMM), the company said.
The motion to split-off the FMM business to a new company was approved in a board meeting on Friday.
The matter will be up for vote at the shareholders’ meeting on October 29. If it passes without problem, APS Materials will be formed on November 1.
APS Materials will be a wholly-owned subsidiary of APS Holdings.
APS Holdings invested 20 billion won to construct its FMM production line. The factory was supposed to be finished by the third quarter but this has been delayed from the COVID-19 pandemic. The factory will be completed in the first quarter of 2021.
APS Holdings said the new company will oversee the FMM factory being built at Cheonan and will speed to the business. It also said it had 25 billion won cash on hand that could be used for funding for the business.
FMM business was reacting to customer demand and performing tests, APS Holdings said, and once the equipment goes into the factory ground it will accelerate the business’s progress. It will also be positive for material business in general that requires laser technology, APS added.